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        <Explanation>The draft form 990 is circulated to the Audit Committee prior to filing, for review and comment. The Audit Committee is comprised of one employee from each member institution, appointed by the Executive Committee of the corporation. Part VI, Line 12c The clerk of the corporation circulates the full policy to officers, directors and key employees annually. The policy requires that each such officer, director or key employee acknowledge receipt. The clerk monitors the return of the required forms. Part VI, Line 15a The organization received proposals from three different search firms and after careful review engaged Korn Ferry International of Boston to conduct a national search for this position. Included in their services was a salary review and recommendation for this position. A team including representation from MIT, Harvard, BU, UMass and Northeastern was asked by the Advisory Board members to be part of the search committee. The search team included CIO's from each of the Universities. Part VI, Line 15b There were no other officers or key employees during this reporting period. Part VI, Line 19 The organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request to the clerk of the corporation.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Massachusetts Institute of Technology</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>77 Massachusetts Ave NE49-3142</AddressLine1>
          <City>Cambridge</City>
          <State>MA</State>
          <ZIPCode>02139</ZIPCode>
        </AddressUS>
        <EIN>042103594</EIN>
        <PrimaryActivities>Education</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>Line 2</PublicCharityStatus>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Northeastern University</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>360 Huntington Ave</AddressLine1>
          <City>Boston</City>
          <State>MA</State>
          <ZIPCode>02115</ZIPCode>
        </AddressUS>
        <EIN>041679980</EIN>
        <PrimaryActivities>Education</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>Line 2</PublicCharityStatus>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>University of Massachusetts</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>225 Franklin Street</AddressLine1>
          <City>Boston</City>
          <State>MA</State>
          <ZIPCode>02110</ZIPCode>
        </AddressUS>
        <EIN>043167352</EIN>
        <PrimaryActivities>Education</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>Section 115</ExemptCodeSection>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Boston University</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>One Silber way</AddressLine1>
          <City>Boston</City>
          <State>MA</State>
          <ZIPCode>02215</ZIPCode>
        </AddressUS>
        <EIN>042103547</EIN>
        <PrimaryActivities>Education</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>Line 2</PublicCharityStatus>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Harvard University</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>Massachusetts Hall</AddressLine1>
          <City>Cambridge</City>
          <State>MA</State>
          <ZIPCode>02138</ZIPCode>
        </AddressUS>
        <EIN>042103580</EIN>
        <PrimaryActivities>Education</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>Line 2</PublicCharityStatus>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>MGHPCC Holyoke Inc</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>77 Massachusetts Ave NE49-3142</AddressLine1>
          <City>Cambridge</City>
          <State>MA</State>
          <ZIPCode>02139</ZIPCode>
        </AddressUS>
        <EIN>452257442</EIN>
        <PrimaryActivities>Research</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(c)(3)</ExemptCodeSection>
        <PublicCharityStatus>11A Type I</PublicCharityStatus>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>MGHPCC Leveraged Lender LLC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>77 Massachusetts Ave NE49-3142</AddressLine1>
          <City>Cambridge</City>
          <State>MA</State>
          <ZIPCode>02139</ZIPCode>
        </AddressUS>
        <EIN>274004162</EIN>
        <PrimaryActivity>Real Estate</PrimaryActivity>
        <LegalDomicileState>MA</LegalDomicileState>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>true</GeneralOrManagingPartner>
        <PercentageOwnership>0.95000</PercentageOwnership>
      </Form990ScheduleRPartIII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>true</GiftGrantOrCapContrFrOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>true</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>true</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>